■ 49% share of LS Alsco sold to Keistone PEF
■ Promoting new business for EV battery components, IPO in forthcoming
■ Growth of aluminum parts forecast following lightweighting needs of EVs

 
On March 6, LS Cable & System (President & CEO Roe-hyun Myung) publicly announced that it sold 49% of its share of LS Alsco, an affiliate company, to Keistone Partners, a local private equity fund (PEF) management company, to promote its new business involving aluminum components for EV batteries. 

LS Cable & System will hold 51% share of LS Alsco. Revenue from its private partial sale was approximately KRW 30.9 billion. 

LS Alsco was established by LS C&S to specialize in fabrication of aluminum components. Starting with the frame for electric car batteries, the company will soon be expanding to include aluminum materials for electric vehicle components. 

LS C&S will use the funds secured through this deal to develop LS Alsco to be large enough to go public in the next few years. The company anticipates that aluminum will become the core material for electric vehicle components in the future, as lightweighting is the main issue of the electric vehicle market.

LS Alsco’s new aluminum alloy is acknowledged for its high-strength and exceptional corrosion-resistance. The company has produced the only products in Korea made from a proprietary alloy that has received an identification number from the Aluminum Association headquartered in the United States. Previously, the new aluminum material was supplied mainly for the manufacture of car components, cable conductors, home appliances, and urban landscape materials.
 
LS C&S is fostering the EV component business as its new growth driver by operating EV harness and battery component factories in Korea, Poland and China.